Earnings Per Share

12 Months Ended

Jun. 30, 2024

Basic earnings (loss) per common share is computed by dividing net earnings (loss) available to the common shareholders by the weighted-average number of shares of common stock outstanding during the period.

Diluted earnings (loss) per common share is computed by dividing the diluted earnings (loss) available to the common shareholders by the weighted-average number of shares of common stock and potentially dilutive shares of common stock outstanding during the period. The dilutive effect of equity awards is calculated based on the average stock price for each fiscal period, using the treasury stock method. The shares of Coherent Common Stock issuable upon conversion of the Series B Convertible Preferred Stock are calculated under the If-Converted method. For the years ended June 30, 2024 and June 30, 2023, diluted earnings (loss) per share excluded the potentially dilutive effect of the performance and restricted shares, as well as the shares of Coherent Common Stock issuable upon conversion of the Series B Convertible Preferred Stock as their effects were anti-dilutive. For the fiscal year ended June 30, 2022, diluted shares outstanding include the dilutive effect of the potential

shares of our common stock issuable from stock options, performance and restricted shares and the dilutive effect of the potential shares of our common stock issuable upon conversion of outstanding convertible debt.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings (loss) per share computations for the periods presented ($000, except per share):


Year Ended June 30,	2024		2023		2022
Numerator
Net earnings (loss) attributable to Coherent Corp.	$	(156,154)	$	(259,458)	$	234,759
Deduct Series A preferred stock dividends	—		(27,600)		(27,600)
Deduct Series B dividends and deemed dividends	(123,357)		(116,612)		(40,625)
Basic earnings (loss) available to the common shareholders	$	(279,511)	$	(403,670)	$	166,534

Effect of dilutive securities:
Add back interest on Convertible Notes (net of tax)	$	—	$	—	$	2,229



Diluted earnings (loss) available to the common shareholders	$	(279,511)	$	(403,670)	$	168,763

Denominator
Weighted average shares	151,642		137,578		106,189
Effect of dilutive securities
Common stock equivalents	—		—		3,012
Convertible Notes	—		—		7,312


Diluted weighted average common shares	151,642		137,578		116,513

Basic earnings (loss) per common share	$	(1.84)	$	(2.93)	$	1.57

Diluted earnings (loss) per common share	$	(1.84)	$	(2.93)	$	1.45

The following table presents potential shares of common stock excluded from the calculation of diluted net earnings (loss) per share, as their effect would have been antidilutive (in thousands of shares):


Year Ended June 30,	2024	2023	2022
Series A Mandatory Convertible Preferred Stock	—	10,423	8,915
Series B Convertible Preferred Stock	27,691	26,349	9,162

Common stock equivalents	2,940	2,271	9,611

Total anti-dilutive shares	30,631	39,043	27,688